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Title: The interaction of financial development and economic growth: The case of Turkey
Authors: Karagoz, Mural 
Keywords: Οικονομική ανάπτυξη -- Τουρκία;Economic development -- Turkey
Issue Date: 2007
Publisher: ΤΕΙ Ηπείρου. Σχολή Διοίκησης και Οικονομίας
Journal: Επιθεώρηση Οικονομικών Επιστημών;Τεύχ. 12 
Abstract: From the economic policy point of view, it is important to know the causal relationship between financial development and economic growth. Using the Johansen test approach, ουr study finds that stock market development is cointegrated with economic growth in the case of Turkey. Granger-causality test based on vector autoregression (VAR) model reveals that economic growth Granger-causes stock market development. Hence, this study provides no empirical evidence in favor offinance-led growth hypothesis, but rather growth-led finance hypothesis for the case of Turkey . The results of short-run causality based on vector error correction model (VECM) however are quite the opposite. These findings have important implications on the side of policy makers.
ISSN: 1109-2629
Appears in Collections:Επιθεώρηση Οικονομικών Επιστημών

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